The Karuvannur Cooperative Bank fraud case has reached a critical juncture as the PMLA court has found prima facie evidence against CPI(M) leaders involved. Notable figures like MLA A.C. Moideen, MP K. Radhakrishnan, and former Thrissur district secretary M.M. Varghese are among the accused set to stand trial.
A total of 28 accused individuals, including prominent CPI(M) leaders, have been summoned by the court to appear on the 4th of the upcoming month. This development has refocused attention on the case, labeled as one of the largest cooperative sector frauds in Kerala.
The Enforcement Directorate (ED) has been probing the money laundering dimension of the case and has filed a final charge sheet naming the CPI(M) and three former district secretaries as the accused parties. The charge sheet now encompasses 83 accused, with the alleged loan fraud at the bank amounting to around Rs 180 crore.
Assets worth approximately Rs 128 crore linked to the accused have been seized by the ED. The investigation stemmed from allegations of funds obtained through fraudulent loans being funneled through various channels. The case came to light following complaints that led to an inspection by the Cooperation Department, revealing widespread irregularities at the Thrissur-based bank.
Initially estimated at about Rs 108 crore, the fraud prompted police to file a case against six individuals, including bank officials and CPI(M)-affiliated persons. Subsequently, the investigation was taken over by the Crime Branch, resulting in cases against 31 accused. With the recent observations of the PMLA court, the Karuvannur case is poised to pose a significant political and legal challenge for the CPI(M) as the legal proceedings progress.
Former Congress legislator Anil Akkara played a pivotal role in bringing this case to light.
